(Reference Translation)

Financial Results Briefing
for the Fiscal Year ended March 31, 2022

May 20, 2022
Securities
identification
証券コード: 7247 code: 7247
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

Financial Results Briefing
May 20, 2022 Friday 14:00-15:00
at Mikuni Building

Agenda
1. Consolidated Financial Results for the Fiscal Year ended March 31,
2022 and Forecast for the Fiscal Year ending March 31, 2023
2. Initiatives as a Prime Market Listed Company
3. Q&A Session

Speakers

Hisataka IKUTASatoshi FUJIMORI
Hiroshi IKEGAMI

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

President, CEO & COO
Director, Senior Executive Officer, CFO
Executive Officer,
General Manager, Corporate Planning2

Consolidated Financial Results
for the Fiscal Year
ended March 31, 2022

Note
Our fiscal year begins on April 1 of each year and ends on March 31 of the following year.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

3

FY ended March 31, 2022

Mikuni's Business Segments
Net Sales and Composition Ratio
by Business Segment

Other Business

Turf-Care
Equipment
Sales of Turf-care equipment etc.

Aircraft Parts
Import and Sales
Precision forged products, etc.

3%
5%
2%

Household Appliances
Device Products

8%
Safety shut-off devices for gas
appliances, gas control devices andother various flow control devices
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

82%

Automotiverelated Products

OthersTurf-Care2,297

3,877
AircraftHouse 1,615
6,753≫ for Four-wheelers
AUTOMOBILECONSOLIDATED
SALES
80,789MILLION YEN≫ for Two-wheelers
MOTORCYCLE

Automotive

66,245

Electronic Fuel Injection Systems
Carburetors, Pumps

4

(Reference)
FY ended March 31, 2022

Mikuni's Business Segments(Previous Accounting Standards)

Net Sales and Composition Ratio
by Business Segment

2%

Other Business

4%

Turf-Care
Equipment
Sales of Turf-care equipment etc.

Aircraft Parts
Import and Sales
Precision forged products, etc.

19%
7%

Safety shut-off devices for gas
appliances, gas control devices andother various flow control devices
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

OthersTurf-Care2,297
3,877

Aircraft
19,709House
6,753

Household Appliances
Device Products

68%

Automotiverelated Products≫ for Four-wheelers
AUTOMOBILECONSOLIDATED
SALES
102,400
MILLION YEN≫ for Two-wheelers
MOTORCYCLE

Automotive

66,763(Note)
The above values are only for reference basedon the previous accounting standards.

Electronic Fuel Injection Systems
Carburetors, Pumps

5

FY ended March 31, 2022

Financial Highlights

Fiscal Year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)

Sales increased and operating income significantly increased, despite the decrease in subject
items accounted for as sales due to the application of the "Accounting Standard for Revenue
Recognition" and other standards.
• Sales increased in our mainstay automotive products business. Continue to focus on realizing the
growth scenario of the revised mid-term vision.
• Forecasting increased sales and operating income for the fiscal year ending March 31, 2023
• (Reference) According to the previous accounting standard, sales for the fiscal year ending March 31,
2022 increased 17.8% y-o-y.
.
OPERATING RESULTS BY SEGMENT
Automotive Products Business• Sales recovered to the level before the COVID-19 pandemic (FY2019). Operating margin improved due tosales expansion and profit improvement activities.
• Business in India grew as planned, contributing to increased sales and operating income.
• In North America and Europe, under the COVID-19 situation, outdoor leisure activities became increasingly
popular and sales of related products grew.
Household Appliances Device Products Business• Sales increased due to a review of product strategy.
• Operating loss was recorded due to difficulty in procuring parts and materials, as well as higher raw material
and logistics costs.
Aircraft Component Import and Sales Business• The application of the "Accounting Standard for Revenue Recognition" and other standards resulted in alarge decrease in items subject to sales.
• Start-up of new business contributed in increase of operating income.
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6

FY ended March 31, 2022

Financial Highlights*continued from the previous page

OPERATING RESULTS BY SEGMENT
Turf-care Equipment, etc. Sales Business• Sales increased due to a recovery in capital investment by customers such as golf courses and a focus
on the after-sales service business.
• Significant decrease in operating loss due to the effect of business transferred to a subsidiary in theprevious fiscal year, as well as the effect of a change in the period reflected in the consolidated financial
statements.
Other Businesses• Although sales increased due to strong sales of nursing care equipment, operating loss was recorded
due to delays in receiving vehicles to be fitted with welfare vehicles.

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7

FY ended March 31, 2022

Summary of Income Statement(Reference)Previous
AccountingStandards
FY2021 ended
March, 2022

Forecast for
FY2022 ended
March, 2023

102,400
3,444
3,246

95,0003,500
3,100

FY2020 ended
March, 2021

FY2021 ended
March, 2022

86,962569
597

80,7893,318
3,137

Net income attributable toowners of the parent

(125)

1,318

1,427

1,400

Net income per share (yen)(3.73)
5.00

39.31
10.00

42.54
ー

41.71
10.00

Average rate for the period

106.76109.90Year-end

103.50115.02(Millions of yen)
Net sales
Operating income
Ordinary income

Dividend per share (yen)Exchange rate against the U.S.
dollar (yen)(Assumed rate
for the full year:
US$ = 125 yen)

(Note) 1. Amounts less than one million yen are discarded.
2. Since " Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29) and others have been applied from the
beginning of fiscal year ended March 31, 2022, the above results for the same period are after the application of the said
accounting standard and others. The figures for "Reference" are the figures based on the previous accounting standard.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

8

FY ended March 31, 2022 Analysis of Changes in Operating Income (YoY)(Millions of yen)
COGS
reduction
Production
efficiency
improved
1,063

Net sales
increased
2,425

Impact ofexchangerate
fluctuations
303

R&D
expenses
Increased(287)

Depreciation
increased(111)

Others21

FY2021
Operatingincome3,318

SG&A
expenses
increased(666)

FY2020Operatingincome569+2,749(Note) Figures in parentheses are negative values.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

9

Net Sales and Operating Income
by Business Segment

FY ended March 31, 2022

Net Sales and Operating Income by Business Segment (FY2020 and FY2021)
FY2020ending March, 2021
Net Sales

Operating
IncomeFY2021
ended March, 2022
Net Sales

Amount

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

―

Sales ratio

Sales ratio

Operatingincome ratio

Automotive
Products

60,345772

66,245

3,567

69.4％

1.3％

82.0%

5.4%

HouseholdAppliances

5,818

(221)

6,753

(491)

6.7％

―

8.4%

―

Aircraft
Component

16,441

190

1,615

286

18.9％

1.2％

2.0%

17.7%

Turf-Care
Equipment

2,568

(169)

3,877

(33)

3.0％

―

4.8%

―

1,788

(2)

2,297

(10)

2.1％

―

2.8%

―

86,962569

80,7893,318

Other Business
Total(Note)

0.7％

Change in Operating
IncomeOperatingincomeOperatingincome ratio(Millions of Yen)

Changein Net Sales
Ratio

Amount

Ratio

4.1%

1. Amounts less than one million yen are discarded.
2. Due to the application of the "Accounting Standard for Revenue Recognition" and other standards, changes
from the previous period are shown as "-".
3. Figures in parentheses are negative values.

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10

Net Sales and Operating Income
by Business Segment(Reference)
FY ended March 31, 2022

Net Sales and Operating Income by Business Segment (FY2020 and FY2021)
Previous Accounting Standards(Reference purpose only)

FY2020ending March, 2021
Net Sales

Operating
IncomeFY2021
ended March, 2022
Net Sales

OperatingincomeSales ratio

Operatingincome ratio

Sales ratio

Operatingincome ratio

Automotive
Products

60,345772

69,763

3,688

69.4％

1.3％

68.1%

5.3%

HouseholdAppliances

5,818

(221)

6,753

(486)

6.7％

―

6.6%

―

Aircraft
Component

16,441

190

19,709

286

18.9％

1.2％

19.2%

1.5%

2,568

(169)

3,877

(33)

3.0％

―

3.8%

―

1,788

(2)

2,297

(10)

2.1％

―

2.2%

―

86,962

569

102,400

3,444(Millions of Yen)

Turf-Care
Equipment
Other
Business
Total

0.7％

(Note) 1. Amounts less than one million yen are discarded.
2. Figures in parentheses are negative values.
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Changein Net Sales
AmountChange in Operating
IncomeRatio

Amount

Ratio

9,418

15.6%

2,915

377.3%

935

16.1%

(265)

―

3,268

19.9%

96

50.6％

1,308

50.9%

136

―

508

28.4%

(7)

―

15,438

17.8%

2,875

505.0%

3.4%
11

Transition of Quarterly Net Sales
and Operating Income

FY ended March 31, 2022

35,000Net Sales

30,000■Automotive Products Business ■Household Appliances Device Products Business■Aircraft Parts Import and Sales Business ■Turf-Care Equipment Sales Business■Other Business(Millions of yen)

29,13727,252

27,132

26,977

26,21625,00022,843
19,61520,00019,183

18,285

20,373

19,972

21,25915,00010,0005,000

Operating Income (loss)

0
2,000

1,484

1,500
1,000

1,045
668

555

500

140

(286)

0

1,183
719

522

901

514

(1,151)(500)(1,000)(1,500)

19/1Q

19/2Q

19/3Q

19/4Q

(Note) 1. Amounts less than one million yen are discarded.
2. Figures in parentheses are negative values.
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20/1Q

20/2Q

20/3Q

20/4Q

21/1Q

21/2Q

21/3Q

21/4Q

12

Transition of Quarterly Net Sales
and Operating Income(Reference)
FY ended March 31, 2022

35,000Net Sales

30,000■Automotive Products Business ■Household Appliances Device Products Business■Aircraft Parts Import and Sales Business ■Turf-Care Equipment Sales Business■Other Business
27,252(Millions of yen)

29,137
27,132 26,977

26,216
22,84325,00019,61520,00023,78525,281

26,49926,833

18,28515,00010,0005,000

Operating Income (loss)

0

2,000
1,500
1,000

1,484

1,045
668

555

500

1,253
747

522

140

(286)

0

920

522

(1,151)(500)(1,000)(1,500)

19/1Q

19/2Q

19/3Q

19/4Q

20/1Q

20/2Q

20/3Q

20/4Q

21/1Q

21/2Q

21/3Q

21/4Q

（Reference）(Note) 1. Amounts less than one million yen are discarded.
3. (Reference) is the value based on the previous accounting standard.
2. Figures in parentheses are negative values.
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13

(Reference)

Comparison of Net Sales and Operating Income by Segmentwith the Last Two Fiscal Years (Previous Accounting Standard)

Automotive Products
33,706(Millions of yen)

Net Sales

Operation Income

34,17623,728

100

86

99

2,736
772

Size of sales when
FY2019 is set to 100
FY2019FY2020

FY2021

3,688

FY2019FY2020

FY2021

Household Appliances Device Products

Net Sales
5,819

100

FY20195,818

100

FY2020Operation Income
6,753

116

FY2021FY2019(345)

FY2020(221)

FY2021(486)(Note) 1. Amounts less than one million yen are discarded. 2. Figures in parentheses are negative values.
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14

(Reference)

Comparison of Net Sales and Operating Income by Segmentwith the Last Two Fiscal Years (Previous Accounting Standard)

Aircraft Parts Import and Sales
28,733(Millions of yen)

Net Sales

Operation Income
346

16,441

100
57
FY2019FY202019,709190

69

FY2021286

FY2019FY2020

FY2021

Turf-care Equipment

Net Sales
3,462

3,877

Operation Income
FY2019FY20202,568

100

FY201974
FY2020

FY2021

(33)

112

(169)
(386)

FY2021(Note) 1. Amounts less than one million yen are discarded. 2. Figures in parentheses are negative values.
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15

(Reference)

Comparison of Net Sales and Operating Income in Automotive Product Segmentwith the Last Two Fiscal Years (Previous Accounting Standard)

India

Japan
33,91930,113

9,353

27,061

100
80

FY2019FY2020Europe & Americas
7,886

9,358
7,435
119

100

6,740

89

100

FY20219,122

FY2020

8,157

100

139

FY2020

FY29198,816

12,532(Note) Amounts less than one million yen are discarded.
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11,2998,337

97

FY2020

FY2021

ASEAN

100

FY2021

90
67

89

FY2021

10,174

151

Greater China

94

FY2019FY2019(Millions of yen)

FY2019FY2020

FY202116

FY ended March 31, 2022

Summary of Balance Sheet(Millions of yen)

End of March
2021

End of March2022

Changein amount

Current assets

46,47451,010

4,536

Fixed assets

47,41745,906(1,510)Total assets

93,891

96,917

3,025

Current liabilities

31,21833,553

2,335

Fixed liabilities

34,276

31,444(2,832)

Net assets

28,396

31,918

3,522

Total liabilities and net
assets93,891

96,917

3,025

Shareholders' equity ratio

29.4％

32.1％

―

822.12Yen

925.67Yen―

Net assets per share(Note) 1. Amounts less than one million yen are discarded.

2. Figures in parentheses are negative values.

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17

Transition of Cash FlowFY ended March 31, 2022

Cash flow from operating activities was an inflow of 5,078 million yen, and cash flow from investing
activities was an outflow of 2,371 million yen, which was lower than the last fiscal year. Free cash
flow was positive 2,706 million yen.

(Millions of yen)
10,000

5,000
5,185
0

(85)
(5,270)9,423 5,611

5,121

5,078

2,389

(1,485)(3,812)(5,000)(10,000)

2,706(6,607)318(2,876)(6,997)(4,608)FY2016FY2017FY2018Cash flow from operating activities(2,371)FY2019(2,558)FY2020Cash flow from investing activities

FY2021
Free cash flow

(Note) 1. Amounts less than one million yen are discarded.

2. Figures in parentheses are negative values.

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18

FY ended March 31, 2022 Depreciation, Capital Investment and R&D Expenses(Millions of yen)

Depreciation and Capital Investment

7,411

8,000

Depreciation

7,364

Capital investment

6,570

7,000
6,000
5,000

4,762

4,651

4,621

4,338

4,000

3,284

3,000

4,790

3,163

2,000
1,000
0
(Millions of yen)

7,000

6,000

FY2018FY2019FY2020

FY2021

FY2022 Forecast

R&D Expenses

6,019

5,935
5,081

5,000

5,368

5,650

4,000
3,000
2,000
1,000
0

FY2018FY2019FY2020

FY2021

FY2022 Forecast

19

FY ended March 31, 2022

Summary of Balance Sheet

Transition of Capital Ratio
40.0%

36.0%

30.0%

33.1%
28.6%

20.0%

March, 2018

March, 2019

March, 2020

29.4%

March, 2021

Transition of Interest-Bearing Debt

30,00026,40530,02733,627

March, 2022
(Millions of yen)

50,00040,00032.1%

36,56835,363

March, 2021

March, 2022

20,00010,0000March, 2018
March, 2019
March, 2020
(Note) Amounts less than one million yen are discarded.
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20

Forecast for the Fiscal YearEnding March 31, 2023

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21

Forecast for
FY ended March 31, 2023

Summary of Income Statement(Reference)Previous
AccountingStandards
FY2021 ended
March, 2022

Forecast for
FY2022 ended
March, 2023

102,400
3,444
3,246

95,0003,500
3,100

FY2020 ended
March, 2021

FY2021 ended
March, 2022

86,962569
597

80,7893,318
3,137

Net income attributable toowners of the parent

(125)

1,318

1,427

1,400

Net income per share (yen)(3.73)
5.00

39.31
10.00

42.54
ー

41.71
10.00

Average rate for the period

106.76109.90Year-end

103.50115.02(Millions of yen)
Net sales
Operating income
Ordinary income

Dividend per share (yen)Exchange rate against the U.S.
dollar (yen)(Assumed rate
for the full year:
US$ = 125 yen)

(Note) 1. Amounts less than one million yen are discarded.
2. Since " Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29) and others have been applied from the
beginning of fiscal year ended March 31, 2022, the above results for the same period are after the application of the said
accounting standard and others. The figures for "Reference" are the figures based on the previous accounting standard.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

22

Forecast for
FY ended March 31, 2023

Six-Monthly Performance Trends(Millions of yen)

ResultApril September
2021( Total )ResultOctober 2021 –March 2022
(Total)Forecast
April –
September
2022(Total)Forecast
October 2022
– March 2023
(Total)39,556

41,23345,40049,600Operating income

1,902

1,416

1,200

2,300

Ordinary income

1,685

1,452

1,000

2,100

748

570

250

1,150

Net sales

Net income attributable to ownersof the parent(Note) 1. Amounts less than one million yen are discarded.
2. Since " Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29) and others have been applied from the
beginning of fiscal year ended March 31, 2022, the above results for the same period are after the application of the said
accounting standard and others. The figures for "Reference" are the figures based on the previous accounting standard.
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

23

Net Sales and Operating Income
by Business Segment

Forecast for
FY ended March 31, 2023

Net Sales and Operating Income by Business Segment (FY2021 and FY2022)
FY2021ending March, 2022
Net Sales

Operating
IncomeFY2022ending March, 2023
Net Sales

AmountRatio

12,855

19.4%

(27)

(0.8%)

1,147

17.0%

191

―

85

5.3%

123

3.2%

43

―

3

0.1%

80

―

14,211

17.6%

182

5.5%

Sales ratio

Sales ratio

Operatingincome ratio

Automotive
Products

66,245

3,567

79,100

3,540

82.0%

5.4%

83.3%

4.5%

HouseholdAppliances

6,753

(491)

7,900

(300)

8.4%

―

8.3%

―

Aircraft
Component

1,615

286

1,700

180

2.0%

17.7%

1.8%

10.6%

Turf-care
Equipment

3,877

(33)

4,000

10

4.8%

―

4.2%

0.3%

2,297

(10)

2,300

70

2.8%

―

2.4%

3.0%

80,7893,318

95,0003,500

Other Business
Total(Note)

4.1%
1. Amounts less than one million yen are discarded.
2. Figures in parentheses are negative values.

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

Change in Operating
IncomeOperatingincomeOperatingincome ratio(Millions of Yen)

Changein Net Sales

AmountRatio(106) (37.1％)

3.7%

24

Initiatives
as a Prime Market Listed
Company

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

25

Progress on
the Plan to Meet the Continued
Listing Criteria for the New Market
Classification(Mid-term Vision Objectives)

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

26

Progress on the Mid-term Vision Objectives
Recover capital ratio and debt-to-equity ratio to appropriate levels

Capital ratio
33% or higher
Own capital

Capital ratio（Millions of yen）

31,06430,00031,000Interest-bearing debt

40.0%（Millions of yen）
40,00036,56727,56032.1%
20,000Net D/E ratio
less than 0.9

33.0%

29.4%

35.0%

30.0%

10,00025.0%

30,00028,396

Net asset

Net D/E ratio
1.60

35,36232,0001.40
31,918 30,000
1.20

1.20
20,000

0.98

0.90

1.00
0.80
0.60

10,000

0.40
0

20.0%

FY2020

FY2021

FY2023
TargetCopyright(c) 2021 MIKUNI CORP. All Right Reserved.

0.20

0

FY2020

FY2021

FY2023
Target27

Progress on the Mid-term Vision Objectives
FY2023 Targets: Net Sales
95 billion yen
Operating Income 5 billion yen
Profit Margin
5.0% or more

Operation
Income

3,500

3,318

2,410

(3,400)(3,000)(Millions of yen)569

Net Sales

Figures based on the application of
the accounting standard forrevenue recognition
retrospectively to FY2019.
84,60080,300FY2019Automotive
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

FY2020Household Appliances Device

5,000

Figures in parentheses are targets
in the mid-term vision.

(84,400)
80,794FY2021
Aircraft Parts(86,000)
95,00095,000

FY2022
Forecast

FY2023
TargetTurf-care

Others28

Sustainability
 Transforming the Business Portfolio to Contributeto Decarbonization and Mikuni's Story of Growth Initiatives to Achieve Carbon Neutrality by 2050
 Corporate Governance, Diversity and Inclusion

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29

Products for EV to be 70% by FY2030
Strategically invest management resources in the advanced development of
products for electric vehicles. We will increase the percentage of sales of products
for electric vehicles, including HEVs and PHEVs, to more than 70% of the Mikuni
Group's sales of products for automobiles by FY2030.
（Examples of products developed for EVs）

FY2021EV
10%ICE

Coolant Control Valvefor Motor Battery Inverter

90%Electronic Parking
Lock Actuator
for e-Axle

ICE
30%

Electronic Oil Pump
Electric Vacuum Pump
for generating negative
pressure for brake system

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

FY2030e-Axle lubrication andcooling

EV
70%

30

Growth in India with Products for Environmentally Friendly Vehicles
 Leveraging Mikuni's strengths in India, the world's largest motorcycle market
 Contribute to the growth of the Indian automobile market with our technology
Thus, make the mobility business in India a driving force for the growth of the entire Mikuni GroupFY2018
Consolidated
Net Sales

India,Net Sales in India（Millions of yen） 地域別売上高（インド）（単位:百万円）

7%

18,00016,00084.6
billionyen

アセアン

14,00053%

中華圏

12,00010,000欧米

10 billion yen increase from India
India,FY2023

8,000
6,000

Consolidated
Net Sales

17%

4,000
2,000
0

95
billionyen

ASEAN

FY2018FY2019FY2020

FY2021

FY2022

FY2023

Forecast Mid-term
visiontargetCopyright(c) 2021 MIKUNI CORP. All Right Reserved.

Japan,

Greater
China

Europeand theAmericasJapan,
44%

31

Aiming for Carbon Neutrality in 2050
We set our long-term environmental goals based on our long-term environmental
vision: "We will continue to be a valuable entity in solving the environmental issuesof countries, regions, and customers.”
Lo n g - term
Env i r onment a l
V i si o nCO2Goal １Scope

1 2

CO2 emission

FY2030FY2050

50

％

less

CO2

Goal 2CO2 emission(Excluding categories 10 and 11)

50

％

less

(Compared to FY2016 by basic unit)

Carbon Neutral

Carbon Neutral±０

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

Goal 3

Scope 3(Compared to FY2016 by basic unit)(Including offsets with CO2 absorption)

CO2

±０

Zero carbon

development at
development sites

0

CARBONNEUTRAL32

Promoting Diversity and Inclusion
The election of a female director will be proposed at the Annual General
Meeting of Shareholders (June)( As of now ) 12 males, 1 female
Position

Number(After approval) 12 males, 2 females
Position

NumberDirector

9

Director10（female）

0（female）

1

Auditor

4

Auditor4（female）

1（female）

1

Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

33

Disclaimer
1. This document has been prepared on a consolidated basis.
2. This document summarizes the financial results and earnings forecasts that have alreadybeen announced, and is provided solely for the purpose of providing information toinvestors, and is not intended as a solicitation to buy or sell.
3. The forward-looking statements, including earnings forecasts, contained in this document
are based on information available as of the date of the announcement, and actual
results may differ from these forecasts due to various factors.
4. Statements regarding business performance, etc., have been prepared based on various
data that are believed to be reliable, but we do not guarantee their accuracy.

For more information, please contact
Corporate Planning Department
Corporate Division
Phone: +81-3-6895-0038
Mikuni Corporation
13-11, Sotokanda 6-chome, Chiyoda-ku, Tokyo 101-0021, Japan
URL https://www.mikuni.co.jp/
Copyright(c) 2021 MIKUNI CORP. All Right Reserved.

34